' saving and long-term care insurance choices are highly inconsistent with standard life cycle models in which people care only … about their own consumption but match well models in which bequests are luxury goods. Such bequest motives reduce the value … of insurance by reducing the opportunity cost of precautionary saving. Buying insurance reduces one's need to engage in …

aggregate demand of 1.3 percent of consumption in the second quarter of 2008 and 0.6 percent in the third. Spending is …

of the marginal propensity to spend of 0.57. This estimate overstates how consumption responded. To smooth consumption …

consumption combine with health and longevity uncertainty to determine saving behavior. To help separately identify motives, it … LTC are significantly more important than bequest motives in determining late in life saving. …

enough to finance substantial consumption during retirement. …

embeds that model of health dynamics in a structural, econometric model of retirement and saving. The health model traces the … effects of smoking, obesity, alcohol consumption, depression and other proclivities on medical conditions, including …

that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate … hours worked, and if so, does it matter with respect to the nature of business cycles? No, it does not; in fact, consumption … households to smooth their consumption. …